8.4A-103 - A-103. Definitions: "Payment order"; "Beneficiary"; "Beneficiary's bank"; "Receiving bank"; "Sender.". - Virginia Statutes

§ 8.4A-103. Definitions: "Payment order"; "Beneficiary"; "Beneficiary'sbank"; "Receiving bank"; "Sender.".

(a) In this title:

(1) "Payment order" means an instruction of a sender to a receiving bank,transmitted orally, electronically, or in writing, to pay, or to causeanother bank to pay, a fixed or determinable amount of money to a beneficiaryif: (i) the instruction does not state a condition to payment to thebeneficiary other than time of payment, (ii) the receiving bank is to bereimbursed by debiting an account of, or otherwise receiving payment from,the sender, and (iii) the instruction is transmitted by the sender directlyto the receiving bank or to an agent, funds-transfer system, or communicationsystem for transmittal to the receiving bank.

(2) "Beneficiary" means the person to be paid by the beneficiary's bank.

(3) "Beneficiary's bank" means the bank identified in a payment order inwhich an account of the beneficiary is to be credited pursuant to the orderor which otherwise is to make payment to the beneficiary if the order doesnot provide for payment to an account.

(4) "Receiving bank" means the bank to which the sender's instruction isaddressed.

(5) "Sender" means the person giving the instruction to the receiving bank.

(b) If an instruction complying with subdivision (a) (1) of this section isto make more than one payment to a beneficiary, the instruction is a separatepayment order with respect to each payment.

(c) A payment order is issued when it is sent to the receiving bank.

(1990, c. 9.)